Final answer:
Middle-aged individuals are generally expected to be in the best position to save, but challenges like funding children's education can impede their ability to do so. The 'young-old' demographic and residents of economically developed countries may find it easier to accumulate savings. Assistance programs like Social Security and Medicare notably benefit the elderly, who are a considerable segment of the population.
Step-by-step explanation:
The people who are in the best position to save are often considered to be those in the middle-aged category, typically ranging from ages 45 to 65. However, this group faces its own set of challenges, such as having children in college or difficulties in changing jobs at an older age, making it hard to save. On the other hand, the young-old (approximately sixty-five to seventy-four years old) might be in a better position to save, as they are usually happier, healthier, and financially better off than previous generations thanks to widespread availability of resources. Moreover, countries that are more economically developed tend to have fewer middle-aged individuals and more young individuals, which can have an impact on savings trends at a societal level. Additionally, as individuals age, programs such as Social Security and Medicare provide assistance, particularly benefiting the elderly.
Baby Boomers, who are now reaching an age where they need increased medical care, make up a significant portion of the U.S. population. This demographic shift underscores the importance of financial planning and savings in preparation for the increased costs associated with aging.